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NNPC posts N6.33b profits in May, records drop in pipelines destruction – Report

The Nigerian National Petroleum Corporation (NNPC) says it recorded a trade surplus of N6.33 billion in the month of May compared to the N5.60 billion it posted in April.

This was contained in the corporation’s Monthly Financial and Operations Report (MFOR)released in a Twitter post on Sunday.

The 13 per cent increase in profits was credited to the rise in gas and power output and surplus recorded by the corporation’s downstream subsidiaries namely NNPC Retail, Petroleum Products Marketing Company, PPMC, Nigerian Pipelines Security Company, NPSC, and Duke Oil.

The report also showed that in the period under review, the NNPC recorded a total of $580.32 million in the export sale of crude oil and gas which was 23.39 per cent higher than the previous month’s figure.

“Out of this number, crude oil export sales contributed $458.59 million which translates to 79.02 per cent of the entire dollar transactions compared with $342.11 million contributed in the month of May,” the report reads.

It also showed that between May 2018 and May 2019, crude oil and gas worth $5.97 billion was exported in the period under review.

The downstream sector had contributed to ensuring uninterrupted supply and effective distribution of petrol across the country, with a total of 2.06 billion litres of petrol supplied for the month of May, according to the report.

This puts the daily supply of petrol nationwide at 66.49 million litres per day for the month of May.

It noted that beyond supply, the corporation continued to monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

The report however indicated that a total of 60 pipeline points were vandalised which represents 52 per cent decrease from the 125 points vandalized in April.

“The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 per cent and 23 per cent respectively and other locations accounted for the remaining 39 per cent of the total breaks,” the report said.

The report attributed the improvement to the spirited efforts by NNPC in collaboration with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate this menace.

The May 2019 NNPC, MFOR, is the 46th in the series, designed to provide greater transparency and remove the notion of opacity associated with the operations of the national oil company.

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